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Summary

For undergraduate courses in sports economics. Core economic concepts developed through examples from the sports industry. The sports industry provides a seemingly endless set of examples from every area of microeconomics, giving students the opportunity to study economics in a context that holds their interest. The Economics of Sportsexplores economic concepts and theoryindustrial organization, public finance, and labor economicsin the context of applications and examples from American and international sports.

Table of Contents

1. Economics and Sports

Introduction

1.1The Organization of the Text

1.2 Babe Ruth and Comparative Advantage

Summary

Discussion Questions

Problems

2. Review of the Economist’s Arsenal

Introduction

2.1 The Supply and Demand Model

2.2 Producing Output and the Production Function.

2.3 Market Structures: From Perfect Competition to Monopoly

2.4 The Rise of Professional Sports

Summary

Discussion Questions

Problems

APPENDIX 2A

2A.1 Constrained Maximization

2A.2 Using Indifference Curves and Budget Constraints: The Rise of Soccer and Baseball

APPENDIX 2B

3. Sports Franchises as Profit-Maximizing Firms

Introduction

3.1 Maximizing Profits or Maximizing Wins?

3.2 A Closer Look at Revenues, and Costs

3.3 Taxes, Profit, and Owner Behavior

3.4 The Importance of Leagues

3.5 Soccer’s Alternative Business Model

Summary

Discussion Questions

Problems

4. Monopoly and Antitrust

Introduction

4.1 What’s Wrong with Monopoly?

4.2 Strategic Pricing and Price Discrimination

4.3 What’s Right with Monopoly?

4.5 Society’s Response to Monopoly and Monopsony: Antitrust Laws

4.6 The NCAA: An Incidental Cartel

4.7 Prisoner’s Dilemma: How Rational Actions Lead to Irrational Outcomes